Chap. 207.—An ACT to amend and re-enact section forty-three of chapter
five of the charter of Basic City, Virginia.

Approved March 13, 1912.

1. Be it enacted by the general assembly of Virginia, That
section forty-three of chapter five of the charter of Basic City,
approved December nineteenth, eighteen hundred and ninety, be
amended and re-enacted as follows, to-wit:

§43. For the execution of its powers and duties the town
council may raise taxes annually, by assessments in said town
on all subjects taxable by the State, such sums of money as
they shall deem necessary to defray the expenses of the same,
and to pay the interest on the debt of said town in such man-
ner as they shall deem expedient (in accordance with the laws
of this State and the United States); provided, that no tax
upon real and personal property in said town shall exceed one
dollar and fifty cents upon the one hundred dollars assessed
value thereof; and provided, also, that for ten years from the
first day of January, nineteen hundred and twelve, if the coun-
cil deem it expedient, they may provide by resolution passed
by two-thirds the entire council, that no corporation tax shall
be levied upon machinery, implements, money, and capital of
any new manufacturing establishment actually in use for manu-
facturing purposes within the said town for a term of five
years; provided, that the applicants for such exemption of cor-
poration taxes shall enter into satisfactory written agreement
with the town council to operate their respective manufacturing
plants during the term of exemption; but this proviso is not
intended to apply ‘to capital employed in purchasing articles
manufactured outside of the said town and brought there to be
used in manufacturing. The provisions of this act is not in-
tended to apply to any manufacturing plant that has been erect-
ed, and that has been exempted from corporation taxes for
a term of five or more years, but is intended to be used only to
encourage the building of new manufacturing plants in the
town.